After adding thousands of apartments in recent years, construction in the region is grinding to a halt.
If the Bay Area hopes to solve its housing crunch, it will need to build a lot more apartment buildings. But after adding thousands of units in recent years, construction is grinding to a halt.
The reasons for the downturn are plenty: Higher interest rates are making financing development more expensive, project lenders and investors are pulling back in the face of smaller expected returns, and material and labor costs that spiked during the pandemic haven’t come back to Earth.
In past decades, most cities and counties haven’t come close to meeting their individual targets for low- and middle-income homes. Housing advocates contend that chronic failure to build enough affordably priced apartments is having a detrimental impact on the region.
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